Stock in USDC issuer Circle (CRCL) is surging on Wednesday after the US House of Representatives advanced key crypto legislation. The House has cleared the way for three Republican-led crypto bills to be considered in the chamber after a failed vote on Tuesday. In a Wednesday floor vote in the House, lawmakers voted 215-211 in favor of a resolution to reconsider a package with bills to regulate payment stablecoins, establish crypto market structure, and restrict the development of a US central bank digital currency (CBDC). As a result, CRCL stock is up nearly 22%, and stocks like Coinbase (BASE) are also higher.

The Genius Act, Clarity, and Anti‑CBDC Act have yet to be agreed on on the floor during the Crypto Week promoted by the White House. Crypto-based stocks like Circle (CRCL) and Coinbase (COIN) tanked after the bill failed to make it to legislation yesterday, but are now rebounding. While Circle dipped nearly 10 points, Coinbase fell close to 6 points on Tuesday. Meanwhile, Bitcoin’s price is now up even higher, hitting the $119,000 mark and currently knocking on the door of $120,000. Even Ethereum climbed above the $3,300 mark despite the Acts not yet being approved.

More About the Crypto Bills Up For Debate

The new bill aims to set rules for crypto tokens pegged to the value of the US dollar or another traditional currency. The legislation would help turn stablecoins into a mainstream form of payment for millions of users. An acronym for Guiding and Establishing National Innovation For US Stablecoins for 2025, the act prioritizes the usage of stablecoins and their integration into official government ordeals.

Also Read: Bank of America (BAC) Expected to Launch Its Own Stablecoin

The crypto stablecoin bill proposal hasn’t been met with full appreciation, however. Banks, especially smaller ones, have warned about a potential drain on deposits and, consequently, access to credit. Larger banks are considering issuing their own stablecoins, which generate profits from interest on the reserves. Several top banks are anticipating approval and looking to launch their own stablecoin products, including JPMorgan and Bank of America.

Republicans, who mostly support the crypto bills, hold a slim majority in the chamber. However, they will need some Democratic support to pass the legislation, which remains up in the air. It is expected that upon approval, US President Donald Trump will approve the bill once it reaches his desk.